Research center

2020E earnings guidance down by 28%

Off April highs but still at elevated levels

Peak performance only after Brent hits USD55

May down sharply but July recovery expected

FTSE Vietnam & MVIS estimated changes

Guidance revised down sharply

Sales growth remains positive after four months

Increasing capital buffer; withholding 2020E guidance

2020E earnings guidance up by 8%

Realigning ownership; flat guidance for 2020E